Mortgage costs at record low, say lenders

18th November 2016

Mortgages are now more affordable than they have ever been, according to the Council of Mortgage Lenders (CML), which said the figures represented a historic low and should help more people to buy their own home. In September, the CML said, the average homeowner - excluding first-time buyers - spent 17.7% of his or her monthly income on mortgage repayments. First-time buyers are spending 17.8% of their income servicing their mortgages, compared with 24.7% in November 2007, a recent high.

BBC News (15/11/2016)